[Newsletter]
The Consolidation
Issue 007·Aug 10, 2026
Coldcard losses pass $114 million. Strategy monetizes 1,690 BTC. BIP-110 stalls after two blocks.
The largest hardware wallet exploit on record climbs past $114 million, spot ETFs post their strongest week since April, Strategy sells 1,690 BTC to repurchase STRC, the Clarity Act slips to September, and BIP-110’s minority chain dies after two blocks.
Read issue 007 →[ Past Issues ]
Issue 006·Jul 27, 2026
Strategy completes the Digital Credit playbook.
UTXO’s Sixth Lever on completing Strategy’s capital framework, a $15M institutional consortium for Bitcoin security, BlackRock’s quantum report, Kazakhstan’s miner-funded reserve, and a market consolidating in the mid-$60,000s.
Issue 005·Jul 13, 2026
Strategy’s largest sale to date.
UTXO’s new Digital Credit Primer, Strategy’s record 3,588 BTC sale to service preferred dividends, BitGo’s quantum-risk custody controls, and a market recovering toward $64K on resilient ETF demand.
Issue 004·Jun 29, 2026
UTXO settles the first Bitcoin Depositary Receipt
Inside the first Bitcoin Depositary Receipt to settle through DTC, the STRC flash crash and Strategy’s disciplined response, and what 50-50 CLARITY odds mean for the fall calendar.
Issue 003·Jun 15, 2026
SpaceX joins the Bitcoin treasury leaderboard
SpaceX discloses 18,712 BTC, Strive switches on daily dividends at 13% annualized, and Metaplanet acquires a Japanese broker: the treasury playbook goes multinational.
Issue 002·Jun 2, 2026
Strategy sells BTC
What Strategy’s first sale in four years actually signals, the CFTC’s green light for regulated Bitcoin perpetuals, and UTXO’s first institutional position in Bitcoin staking on Stacks.
Issue 001·May 18, 2026
Strategy crosses 843k BTC.
Strategy’s $2B accumulation week, the CLARITY Act clearing committee 15–9, MARA’s pivot to AI, and why corporate bids are holding the floor while ETF flows turn negative.